FCMB, MTN Nigeria join NSE 30, as Forte Oil, Oando exit

THE Nigerian Stock Exchange (NSE) has released the results of its annual full year market index review leading to the entry and exit of major companies from several indices.

The review, which had taken effect when the market opened on Wednesday, January 2, 2020, was for the NSE 30, NSE Lotus Islamic, NSE Pension, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index; and the five sectoral indices of the exchange; NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods and NSE Oil and Gas.

The indices, which were developed to allow investors follow market movements and properly manage investment portfolios, were designed using the market capitalisation methodology and edited on a semi-annual basis on the first business day in January and in July.

For the NSE 30 Index, CCNN, FCMB and MTN Nigeria were added, while Forte Oil, Oando, PZ Industries were removed. The NSE Insurance Index had Cornerstone Insurance and Sunu Assurances Nigeria Plc joined, but Veritas Kapital Assurance and Continental Insurance exited.

Premier Paints was added to the NSE Industrial Index, while Notore Chemical was removed as MTN Nigeria was included to the NSE Pension Index and GlaxoSmithKline removed.

NSE Lotus Islamic Index has MTN Nigeria and Forte Oil joining the list with GlaxoSmithKline, CAP and Presco exiting. In addition, the Corporate Governance Index has MTN Nigeria as its new member, while no company was removed.

According to the statement, Meristem Growth Index now has Cadbury Nigeria, CAP, Dangote Cement, Ecobank, May & Baker, UAC-Properties, Wapic Insurance and Zenith Bank as new members, while the trio of Access Bank, Dangote Sugar and Flour Mills are leaving.

The Meristem Value Index has CCNN, Conoil, Custodian Insurance, Forte Oil, GlaxoSmithKline, NAHCO and NASCON joined, while Dangote Cement, GTBank and Wapic Insurance left the index.

However, no company joined nor left the NSE Consumer Goods Index, NSE Banking Index, NSE Oil and Gas Index, Afrinvest Bank Value Index and Afrinvest Div Yield Index.

The sectoral indices comprise the top fifteen most capitalised and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalised and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalised and liquid companies in the Oil and Gas sector.

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